Jade Biosciences Reports Second Quarter 2025 Financial Results and Provides Corporate Update
Jade Biosciences (NASDAQ:JBIO) reported Q2 2025 financial results and corporate updates, highlighting progress in its autoimmune disease therapy development. The company's lead candidate JADE101, an anti-APRIL monoclonal antibody for IgA nephropathy, demonstrated promising preclinical results with ultra-high binding affinity and sustained IgA suppression. A Phase 1 trial is expected to begin in Q3 2025.
Financial highlights include $220.9 million in cash and equivalents, providing runway through 2027. Q2 2025 saw R&D expenses of $22.5 million and G&A expenses of $5.2 million, with a net loss of $32.1 million. The company also appointed Brad Dahms as CFO and continues development of JADE201, targeting multiple systemic autoimmune diseases, with clinical entry planned for H1 2026.
Jade Biosciences (NASDAQ:JBIO) ha pubblicato i risultati finanziari del Q2 2025 e aggiornamenti aziendali, mettendo in evidenza i progressi nello sviluppo di terapie per le malattie autoimmuni. Il candidato principale, JADE101, un anticorpo monoclonale anti-APRIL per la nefropatia da IgA, ha mostrato risultati preclinici promettenti con affinità di legame ultra-elevata e una soppressione prolungata delle IgA. È previsto l'avvio di uno studio di Fase 1 nel Q3 2025.
Tra i dati finanziari figurano $220.9 million in disponibilità liquide e equivalenti, a supporto dell'operatività fino al 2027. Nel Q2 2025 le spese per R&S sono state di $22.5 million e le spese generali e amministrative di $5.2 million, con una perdita netta di $32.1 million. La società ha inoltre nominato Brad Dahms come CFO e prosegue lo sviluppo di JADE201, mirato a diverse malattie autoimmuni sistemiche, con ingresso clinico pianificato per la prima metà del 2026.
Jade Biosciences (NASDAQ:JBIO) presentó los resultados financieros del Q2 2025 y actualizaciones corporativas, destacando avances en el desarrollo de terapias para enfermedades autoinmunes. Su candidato principal, JADE101, un anticuerpo monoclonal anti-APRIL para la nefropatía por IgA, mostró resultados preclínicos prometedores con afinidad de unión ultraalta y supresión sostenida de las IgA. Se espera iniciar un ensayo de Fase 1 en Q3 2025.
Entre los aspectos financieros figura $220.9 million en efectivo y equivalentes, que garantiza liquidez hasta 2027. En el Q2 2025 los gastos de I+D fueron de $22.5 million y los gastos generales y administrativos de $5.2 million, con una pérdida neta de $32.1 million. La compañía también nombró a Brad Dahms como director financiero y continúa el desarrollo de JADE201, dirigido a varias enfermedades autoinmunes sistémicas, con inicio clínico previsto para la primera mitad de 2026.
Jade Biosciences (NASDAQ:JBIO)는 2025년 2분기 실적과 회사 현황을 발표하며 자가면역 질환 치료제 개발의 진전을 강조했습니다. 주력 후보물질 JADE101은 IgA 신증(네프로파티)용 APRIL 표적 단클론항체로, 전임상에서 초고친화성 결합과 지속적인 IgA 억제를 보이는 유망한 결과를 보였습니다. 1상 시험은 2025년 3분기(Q3 2025)에 시작될 예정입니다.
재무 하이라이트로는 $220.9 million의 현금 및 현금성자산을 보유하고 있어 2027년까지 자금 여유가 있다고 밝혔습니다. 2025년 2분기 연구개발비는 $22.5 million, 일반관리비는 $5.2 million였고, 순손실은 $32.1 million입니다. 또한 브래드 담스(Brad Dahms)를 최고재무책임자(CFO)로 선임했으며, 다발성 전신성 자가면역질환을 표적으로 하는 JADE201 개발도 진행 중으로 임상 진입은 2026년 상반기(H1 2026)로 예정되어 있습니다.
Jade Biosciences (NASDAQ:JBIO) a publié ses résultats financiers du T2 2025 et des informations d'entreprise, soulignant les progrès dans le développement de thérapies contre les maladies auto-immunes. Son candidat principal, JADE101, un anticorps monoclonal anti-APRIL pour la néphropathie à IgA, a montré des résultats précliniques prometteurs avec une affinité de liaison ultra élevée et une suppression prolongée des IgA. Un essai de phase 1 devrait commencer au T3 2025.
Parmi les points financiers figurent $220.9 million en trésorerie et équivalents, assurant une visibilité jusqu'en 2027. Au T2 2025, les dépenses R&D se sont élevées à $22.5 million et les frais G&A à $5.2 million, avec une perte nette de $32.1 million. La société a également nommé Brad Dahms au poste de CFO et poursuit le développement de JADE201, visant plusieurs maladies auto-immunes systémiques, avec une entrée clinique prévue au premier semestre 2026.
Jade Biosciences (NASDAQ:JBIO) veröffentlichte die Finanzergebnisse für Q2 2025 und Unternehmensupdates und hob Fortschritte bei der Entwicklung von Therapien für Autoimmunerkrankungen hervor. Der führende Kandidat, JADE101, ein anti-APRIL monoklonaler Antikörper für die IgA-Nephropathie, zeigte vielversprechende präklinische Daten mit extrem hoher Bindungsaffinität und anhaltender IgA-Suppression. Eine Phase‑1‑Studie soll im Q3 2025 beginnen.
Zu den finanziellen Eckdaten zählen $220.9 million an Barmitteln und Zahlungsmitteln, die Liquidität bis 2027 sichern. Im Q2 2025 beliefen sich die F&E-Aufwendungen auf $22.5 million und die Verwaltungsaufwendungen auf $5.2 million, bei einem Nettoverlust von $32.1 million. Das Unternehmen ernannte zudem Brad Dahms zum CFO und treibt die Entwicklung von JADE201 voran, das mehrere systemische Autoimmunerkrankungen adressiert; der klinische Eintritt ist für das erste Halbjahr 2026 geplant.
- None.
- Net loss of $32.1M in Q2 2025
- Significant R&D expenses of $22.5M in single quarter
- Products still in early stages with no approved therapies yet
- Additional $6.2M expense from change in fair value of convertible notes
Insights
Jade Biosciences shows strong financial position with promising JADE101 preclinical data as it prepares to enter clinical trials for IgA nephropathy.
Jade Biosciences has reported a solid financial position with
The preclinical data presented for JADE101 at the European Renal Association Congress demonstrates potentially differentiated properties compared to competitors. The antibody shows ultra-high binding affinity (~50 femtomolar KD, which is >750-fold higher than sibeprenlimab), suggesting superior target engagement. The extended half-life of approximately 27 days in non-human primates supports potential for convenient dosing intervals of up to 8 weeks, which could offer competitive advantages in patient compliance.
Particularly noteworthy is JADE101's unique epitope binding approach, designed to avoid high molecular weight immune complexes—a clever strategy that could translate to more predictable pharmacokinetics and reduced immunogenicity risk compared to competitors. The company's targeted entry into clinical trials in Q3 2025, with biomarker data expected in H1 2026, provides a clear near-term catalyst.
While the quarterly net loss of
With JADE201 also progressing toward the clinic in H1 2026, Jade is building a pipeline with multiple potential value inflection points over the next 18-24 months, while maintaining sufficient financial resources to reach these milestones.
JADE101 shows compelling preclinical profile for IgA nephropathy with superior binding affinity and convenient dosing potential compared to competitors.
The preclinical data for JADE101 represents a potentially significant advancement in IgA nephropathy (IgAN) treatment. The anti-APRIL approach targets a fundamental mechanism in IgAN pathogenesis by inhibiting the production of galactose-deficient IgA1 antibodies that form immune complexes and damage the kidneys.
What distinguishes JADE101 from other anti-APRIL candidates is its remarkable ultra-high binding affinity of approximately 50 femtomolar, which is over 750-fold stronger than sibeprenlimab (a competing anti-APRIL antibody). This superior binding could translate to more complete target neutralization at lower doses. The data showing deep and sustained IgA suppression in non-human primates after a single dose is particularly encouraging, as IgA reduction correlates with clinical benefit in this disease.
The pharmacokinetic profile supports dosing intervals of potentially up to 8 weeks via subcutaneous administration, which would be significantly more convenient than more frequent dosing regimens. This could translate to better real-world adherence and outcomes for patients with a chronic disease like IgAN that requires long-term therapy.
The strategic binding to a unique epitope on trimeric APRIL protein to avoid immune complex formation demonstrates thoughtful antibody engineering that addresses potential complications seen with other biologics. This approach may reduce immunogenicity risk and support more predictable drug exposure.
The company's upcoming Phase 1 trial with biomarker analysis will be crucial to watch, as reductions in key biomarkers like galactose-deficient IgA1 would provide early validation of the mechanism. The reference to "other programs further reinforc[ing] belief that the anti-APRIL class will be the foundational therapy" suggests accumulating evidence for this therapeutic approach in IgAN, increasing confidence in JADE101's mechanistic rationale.
- Presented preclinical data for JADE101 at the 62nd European Renal Association Congress, highlighting its potential as a best-in-class anti-APRIL monoclonal antibody for IgA nephropathy
- Phase 1 healthy-volunteer study of JADE101 expected to begin in the third quarter of 2025, with interim, biomarker-rich data anticipated in the first half of 2026
$220.9 million cash and cash equivalents as of June 30, 2025 supports cash runway through 2027, including multiple clinical inflection points
SAN FRANCISCO and VANCOUVER, British Columbia, Aug. 13, 2025 (GLOBE NEWSWIRE) -- Jade Biosciences, Inc. (“Jade”) (Nasdaq: JBIO), a biotechnology company focused on developing best-in-class therapies for autoimmune diseases, today announced financial results for the quarter ending June 30, 2025, and provided a corporate update.
“We’ve had a productive second quarter, in which we closed our reverse merger and significant financing, and continued to advance a pipeline aimed at delivering potentially best-in-class therapies that treat systemic and organ-specific autoimmune diseases,” said Tom Frohlich, Chief Executive Officer of Jade. “We recently presented compelling preclinical data on JADE101, which we believe support its potential to be a best-in-class disease-modifying therapy for IgA nephropathy. Additionally, recently announced clinical data from other programs further reinforce our belief that the anti-APRIL class will be the foundational therapy for this disease. We are excited to transition into a clinical-stage company in the coming months, and believe we are uniquely positioned to shape the treatment landscape for IgAN and other autoimmune diseases.”
Pipeline and Corporate Updates
JADE101: potentially best-in-class anti-APRIL monoclonal antibody for IgA nephropathy (IgAN)
- Presented preclinical data for JADE101 at the 62nd European Renal Association Congress. JADE101 is an ultra-high affinity, half-life-extended fully-human monoclonal antibody that has the potential for best-in-class activity with convenient patient dosing. Key findings reported included:
- JADE101 showed ultra-high APRIL binding affinity (~50 femtomolar KD, >750-fold higher than sibeprenlimab), potent and complete inhibition of APRIL signaling in vitro, and deep, sustained IgA suppression, with an extended half-life of approximately 27 days, after a single 30 mg/kg intravenous dose in non-human primates (NHPs).
- The pharmacokinetic (PK) profile in NHPs—characterized by slow linear clearance to low concentrations, successful mitigation of target-mediated drug disposition, and high bioavailability following subcutaneous dosing—supports the potential for convenient, infrequent subcutaneous dosing of no more than every eight weeks in clinical settings.
- JADE101 binds a unique epitope on trimeric APRIL protein, which was selected to avoid the formation of high molecular weight immune complexes, with the goal of supporting more predictable PK and reduced immunogenicity risk.
- A Phase 1 clinical trial evaluating JADE101 administered as a subcutaneous injection in healthy volunteers is expected to begin in the third quarter of 2025. Interim, biomarker-rich data are expected in the first half of 2026 and are anticipated to guide dose and dose interval selection for later-stage JADE101 studies in patients with IgAN.
JADE201: development candidate from the JADE-002 antibody discovery program
- JADE201, the Company’s development candidate from the JADE-002 antibody discovery program, remains on track to enter the clinic in the first half of 2026.
- JADE201 has the potential to be evaluated in multiple systemic autoimmune diseases. Further details on JADE201 are expected to be disclosed in the second half of 2025.
Corporate
- Appointed Brad Dahms as Chief Financial Officer (CFO). Mr. Dahms is an accomplished biopharmaceutical executive who has held CFO and senior leadership roles at IDRx, Theseus Pharmaceuticals, and Selecta Biosciences following a career in investment banking at J.P. Morgan, RBC Capital Markets, and Cantor Fitzgerald.
Second Quarter 2025 Financial Results
- Cash Position: As of June 30, 2025, Jade had cash and cash equivalents of
$220.9 million . Based on the Company’s current operating plan, Jade believes that its cash and cash equivalents as of June 30, 2025 will enable it to fund its operating expenses and capital expenditure requirements through the end of 2027. - Research and Development (R&D) expenses: R&D expenses totaled
$22.5 million for the second quarter of 2025. Personnel related charges were$5.7 million , including$2.6 million of non-cash stock-based compensation expense. - General and Administrative (G&A) expenses: G&A expenses totaled
$5.2 million for the second quarter of 2025. These expenses include$3.1 million of personnel-related costs, including$1.4 million of non-cash stock-based compensation expense. - Other expenses: Other expenses, net for the second quarter of 2025 were
$4.4 million . This reflects$6.2 million of expense on the change in fair value of convertible notes before their conversion to common stock, partially offset by interest earned on Jade’s investment in money market funds of$1.8 million for the second quarter of 2025. - Net loss: Net loss totaled
$32.1 million for the second quarter of 2025, which includes non-cash stock-based compensation of$4.0 million . - Shares Outstanding: As of June 30, 2025, Jade had 52.6 million shares of the Company’s common stock and common stock equivalents issued and outstanding, including shares of common stock underlying pre-funded warrants and non-voting convertible preferred.
About Jade Biosciences, Inc.
Jade Biosciences is focused on developing best-in-class therapies to address critical unmet needs in autoimmune diseases. Its lead candidate, JADE101, targets the cytokine APRIL for the treatment of immunoglobulin A nephropathy. Jade’s pipeline also includes a second development candidate, JADE201, and an undisclosed antibody discovery program, JADE-003, both currently in preclinical development. Jade was launched based on assets licensed from Paragon Therapeutics, an antibody discovery engine founded by Fairmount. For more information, visit JadeBiosciences.com and follow the Company on LinkedIn.
Forward-Looking Statements
Certain statements in this communication, other than purely historical information, may constitute “forward-looking statements” within the meaning of the federal securities laws, including for purposes of the “safe harbor” provisions under the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, express or implied statements relating to Jade’s expectations, hopes, beliefs, intentions or strategies regarding the future of its pipeline and business including, without limitation, Jade’s ability to achieve the expected benefits or opportunities with respect to JADE101, JADE201 and the JADE-003 program, the expected timelines for JADE101 and JADE201 entering the clinic and for interim data from the Phase 1 clinical trial of JADE101, the potential for the anti-APRIL class to be the foundational therapy for IgAN, the potential of Jade’s product candidates to become best-in-class therapies, their potential therapeutic uses and the potential for Jade’s cash to provide runway through 2027. The words “opportunity,” “potential,” “milestones,” “pipeline,” “can,” “goal,” “strategy,” “target,” “anticipate,” “achieve,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “plan,” “possible,” “project,” “should,” “will,” “would” and similar expressions (including the negatives of these terms or variations of them) may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are based on current expectations and beliefs concerning future developments and their potential effects. There can be no assurance that future developments affecting Jade will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond Jade’s control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, the risks that the planned trials of JADE101 and JADE201 and any future clinical trials may be delayed or may not demonstrate safety and/or efficacy; Jade may experience unanticipated costs, difficulties or delays in the product development process; Jade’s product candidates may fail in development, may not receive required regulatory approvals, or may be delayed to a point where they are not commercially viable; regulatory agencies may impose additional requirements or delay the initiation of clinical trials; risks associated with Jade’s dependence on third-party vendors for the development, manufacture and supply of JADE101; and the other risks, uncertainties and factors more fully described in Jade’s most recent filings with the Securities and Exchange Commission (including the definitive proxy statement/prospectus filed on Form S-4, most recently amended on March 24, 2025 and declared effective on March 25, 2025). Should one or more of these risks or uncertainties materialize, or should any of Jade’s assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. You should not place undue reliance on forward-looking statements in this communication, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. Jade does not undertake or accept any duty to release publicly any updates or revisions to any forward-looking statements. This communication does not purport to summarize all of the conditions, risks and other attributes of an investment in Jade.
Jade Biosciences Contact
Priyanka Shah
Media@JadeBiosciences.com
IR@JadeBiosciences.com
908-447-6134
| JADE BIOSCIENCES, INC. | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| (In thousands, except share amounts) | ||||||||
| June 30, 2025 | December 31, 2024 | |||||||
| Cash and cash equivalents | $ | 220,942 | $ | 69,386 | ||||
| Other assets | 3,026 | 3,413 | ||||||
| Total assets | $ | 223,968 | $ | 72,799 | ||||
| Total liabilities | $ | 22,412 | $ | 119,596 | ||||
| Total convertible preferred stock and stockholders' equity (deficit) | 201,556 | (46,797 | ) | |||||
| Total liabilities, convertible preferred stock and stockholders' equity (deficit) | $ | 223,968 | $ | 72,799 | ||||
| JADE BIOSCIENCES, INC. | ||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | ||||||||||||
| (In thousands, except share and per share amounts) | ||||||||||||
| Three Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Period from June 18, 2024 (Inception) Through June 30, 2024 | ||||||||||
| Operating expenses: | ||||||||||||
| Research and development(1) | $ | 22,547 | $ | 42,570 | $ | 78 | ||||||
| General and administrative(2) | 5,231 | 8,592 | 512 | |||||||||
| Total operating expenses | 27,778 | 51,162 | 590 | |||||||||
| Loss from operations | (27,778 | ) | (51,162 | ) | (590 | ) | ||||||
| Other income (expense): | ||||||||||||
| Interest income | 1,828 | 2,443 | — | |||||||||
| Change in fair value of Convertible Notes payable(3) | (6,184 | ) | (21,584 | ) | — | |||||||
| Total other expense, net | (4,356 | ) | (19,141 | ) | — | |||||||
| Net loss | (32,134 | ) | (70,303 | ) | (590 | ) | ||||||
| Other comprehensive loss: | ||||||||||||
| Currency translation adjustment | (24 | ) | (24 | ) | — | |||||||
| Comprehensive loss | (32,158 | ) | (70,327 | ) | (590 | ) | ||||||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.86 | ) | $ | (3.45 | ) | $ | (0.19 | ) | |||
| Net loss per share attributable to Series A non-voting convertible preferred stockholders, basic and diluted | $ | (863.46 | ) | $ | (3,450.78 | ) | $ | — | ||||
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 28,431,158 | 15,932,206 | 3,155,500 | |||||||||
| Weighted-average shares used in computing net loss per share attributable to Series A non-voting convertible preferred stockholders, basic and diluted | 8,781 | 4,439 | — | |||||||||
| (1) Includes related party amounts of | ||||||||||||
| (2) Includes related party amounts of | ||||||||||||
| (3) Includes related party amounts of | ||||||||||||
FAQ
What were Jade Biosciences (JBIO) Q2 2025 financial results?
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What is JADE201 and when will it enter clinical trials?
